EFSA lifts Acumen-BPE suspension

The Egyptian Financial Supervisory Authority (EFSA) has lifted a three-year suspension it had placed on asset manager Acumen-BPE in February, Al Mal reports. Acumen-Beltone is a JV between Acumen Holding and BPE Partners (formerly Beltone Private Equity). The asset manager’s suspension came after the company’s general assembly voted to suspend activities until it rebranded as Acumen-BPE and secures new business. Chairman Hany Tawfik the move was made in order to avoid certain fixed costs and was reversed once the company submitted a request to EFSA to do so.